Bail Bonds Merchant Accounts
The bail bonds industry has been growing steadily in recent years. Between 2011 and 2017, the bail bonds market grew by almost 3% and over $2 billion. Those are impressive numbers considering the fact that violent crime has been on the decline for over a decade.
But despite the success of the bail bonds industry, reliable and supportive bail bonds credit card processing can still be difficult to find. Part of the problem is due to the fact that merchant account providers do not give out approvals based on their own assessment of risk. Credit card processors must process through a banking solution, and it is the bank that the processor use that ultimately gives an approval or decline. Many merchant service providers are partnered with a single, traditional, non-high risk bank. Because of this, your credit card processing success will come down to finding a merchant service provider with a proper banking solution specifically for the bail bonds industry.
Getting a Merchant Account for Bail Bonds Company
Leap Payments has experience with high risk merchant account and knows how to handle bail bond credit card processing. Having a business in the bail bond industry requires the ability to accept credit card transactions via the phone and in person. It is essential that a bail bondsman have a reliable, safe and effective payment processing solution to collect on and never miss a client’s payment. Because of the nature of the industry, many companies find it difficult to actually get an account in the first place.
Jump the Hurdles Associated with Bail Bond Merchant Accounts
When your business is involved in the bail bond area, you may find it hard to obtain a merchant account from certain banks and institutions. Banks notoriously lean away from the bail bond industry partially due to worries about inconsistent cash flow. People might always going to jail, but that does not mean they are posting bail. This makes financial forecasts practically impossible to provide on a regular and accurate basis. Another red flag is the increased chances of chargebacks in the bail bond industry. After your client has already posted bail and been released from jail, the person who paid with their credit card may call and dispute the transaction with their card company. Leap Payments knows how the bail bonds industry works and will get you approved and create the perfect credit card processing merchant account to best fit your business needs.
Have You Been Convicted of Being Too Risky?
Despite the fact that bail bondsmen provide an important service, your industry is considered high risk by the major credit card providers and banking institutions. Despite the fact that you provide a service that allows those convicted of a crime the time and opportunity they need to get their affairs in order, many credit card processing providers look at the industry and see red flags for risk.
But the truth is, there really is a certain amount of risk associated with the bail bonds industry. As you know, friendly fraud (when a customer charges back a payment by mistake, confusion or forgetfulness) is always a potential problem. Or, there is always the possibility that a defendant may not show up in court, skip out on payments, or purposely chargeback payments for services.
While it is unfortunate that such an indispensable part of our legal system would be left vulnerable to the depredations of market forces, the truth is you’re more or less on your own out there.
What this means is that merchant account and credit card processing service providers will often claim to support the bail bonds industry, but end up providing unreliable services that result in account closure. Many bail bonds providers have had their merchant accounts suddenly terminated, receive spotty or mistake-ridden service, or have to jump through extra hurdles to obtain a merchant account.
The good news is Leap Payments is on your side. Where other merchant account providers are inexperienced with high risk industries, Leap Payments is the trusted source for providing robust bail bonds credit card processing. As full fledged bail bonds merchant service providers, we understand the value of your industry and are here to support you.
What You Need to Get your Bail Bonds Merchant Account
When working with other processing providers, obtaining a bail bondsman merchant account can feel like an uphill battle. To qualify, you may be asked to jump through a lot of hoops and end up just wasting time waiting for an approval that may never come. In addition to your application, you’ll be expected to provide the following as well:
- 3 months of recent bank statements
- A bank letter or voided check
- A valid US Driver’s ID
- A secure and functional website
- 3 months prior processing statements
- Website has well-defined privacy policies
- An business’ EIN or owner’s SSN
- Chargeback ratios lower than 2%
Getting all of this together can feel like an overwhelming burden, especially considering you’re still working hard every day to run your business. Here at Leap Payments, we do our best to make the process easy, from application to approval to integration. We know other processors have left you out to dry, but our bail bonds credit card processing representatives are here to help. Our goal is to provide you with reliable bail bonds merchant services and high quality customer service to support your business process and fill the gap that other credit card processors simply won’t.
Open a Bail Bond Merchant Account Today
Signing up for a bail bond merchant account is made easy with Leap Payments. Our Lifetime Rate Lock guarantee means your account rates will never increase for the entire lifetime of your account with Leap Payments. Our credit card processing solutions are custom tailored for your specific business needs. Reduce the risk of chargebacks and fraud all while staying inside industry regulations with your bail bond program.
Leap Payments’ customer service and support team is 100% U.S. based. We are always ready to assist you on a one on one basis anytime you need. Get assistance on questions about your account, friendly advice concerning credit card readers and how best to implement your credit card processing account online. Contact a Leap Payments high risk specialist today.